Saguenay, Quebec - Newsfile Corp. - February 28, 2024 - First Phosphate Corp. (CSE PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that it has signed a memorandum of understanding ("MOU") with Craler Inc. ("Craler"), a division of TFI International Inc. (NYSE: TFII) (TSX: TFII) ("TFI") for the development of the Company's global freight logistical competencies to and from the Saguenay-Lac-St-Jean region of Quebec, Canada. "This agreement is important because Craler, together with is parent TFI, have the ability to determine the best practices for the Company's entire logistical footprint for its products and supplies across North America," says CEO John Passalacqua. "Smart logistics can lead to cost-savings, reduction of carbon footprint and satisfied clients in the automobile and stationary energy storage industries across North America." The terms of the agreement include:

• First Phosphate and Craler are to work towards determining the local logistical footprint for the movement of First Phosphate products and supplies to and from the Company's mining properties in Saguenay, Quebec to the Port of Saguenay, Quebec.

• First Phosphate and Craler are to work towards determining the North American logistical footprint for the movement of the Company's products and supplies to and from Saguenay, Quebec and the rest of North America and the world.

• First Phosphate and Craler are to work towards determining options for encouraging the establishment of a local production source of lithium carbonate / hydroxide at the Port of Saguenay, Quebec as well as the logistical options for the importation of lithium carbonate / hydroxide from other parts of North America and the world to the Port of Saguenay, Quebec.

• First Phosphate and Craler are to work towards the best electrification procedures to implement at the Company's prospective mine site and between the mine site and Port of Saguenay, North America and the world. The companies are to study the various logistical options available during the various stages of project development so as to minimize carbon footprint of the Company's overall operations.

• Special emphasis is to be placed on logistics that connect First Phosphate product and supply requirements to and from the automobile industry heartland of North America in the Windsor-Detroit corridor as well as to other regions of the US and Mexico.

• Craler is to join the First Phosphate project team and begin to ideate the best overall project-based logistics necessary to integrate the Company's product and supply flows across North America and the world.

• First Phosphate and Craler are to work together to make the economic, social and job creation benefits of their arrangement known to the Quebec, Canadian and US governments.

Securities Issuances The Company has settled $75,000 of debt for accrued amounts owing to an arm's length service provider through the issuance of 250,000 Common Shares at the deemed price of $0.30 per Common Share. The Company has also granted 440,400 restricted share units of the Company ("RSUs") to two eligible consultants of the Company. The RSUs vest in 4 tranches (25% on each of May 31, 2024; August 31, 2024; November 30, 2024; and February 28, 2025). The RSUs are subject to the terms of the Company's Omnibus Equity Incentive Plan as approved by disinterested shareholders at the Company's annual and special meeting of shareholders held on August 25, 2023. All securities issued are subject to a hold period of four months plus one day from the date of issuance. About First Phosphate Corp. First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate ("LFP") battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate materially devoid of high concentrations of harmful elements. About Craler Inc. Founded in 1997, Craler has become one of the largest private Canadian companies specializing in freight management. Craler serves clients working in various types of industries to meet their specific freight transport needs across North America, including Canada, the United States and Mexico. Craler was acquired in 2019 by TFI International Inc. (NYSE: TFII) (TSX: TFII) and now...